According to a new AGC report, if Congress and President Obama fail to avert the indiscriminate, across-the board cuts–called sequestration–federal construction investment accounts could see upwards of $6 billion in cuts. The possible sequestration cuts could put some 170,000 jobs, $20.4 billion in GDP and $6.6 billion in personal income at risk.
The sequestration cuts could reduce many federal construction investment accounts, with the exception of the Highway Trust Fund, Airport Improvement Program, Department of Veterans Affairs accounts, and General Services Administration accounts. The AGC report details those possible cuts to construction investment accounts based upon the Office of Management and Budget’s Sept. 14 sequestration report.
AGC continues to tell Congress to push off sequestration for one year to allow time for sensible budget reform and to prioritize construction investment.
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